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Apple reportedly on course for approval to open India stores

  • Apple Inc is on
    course to win clearance to open its first retail stores in India, a person with knowledge of
    the matter told
    Bloomberg.
  •  
  • The Indian government
    • Apple Inc is on
      course to win clearance to open its first retail stores in India, a person with knowledge of
      the matter told
      Bloomberg.
    •  
    • The Indian government
      plans to push through Apple’s application to set up outlets, the report said.
    •  
    • The company is
      resubmitting the request as it wasn’t in the right format, the person said,
      without giving a time-frame for final approval.
    •  
    • Apple should qualify
      as a provider of cutting-edge technology, which would exempt the maker of
      iPhones and iPads from a rule forcing foreign businesses that retail a single
      brand in India
      to procure 30 percent of a product’s inputs locally, according to the
      Bloomberg report.  
    •  
    • The company makes
      most of its devices in China.
    •  
    • Cook is hunting for
      fresh sources of growth after Apple last month forecast a sales decline for the
      first time in more than a decade. India now has the world’s
      fastest-growing major economy and about 220 million smartphone users.
    •  
    • The challenge,
      however, is that Indian consumers tend to prefer cheaper devices, leaving Apple
      with only about 2 percent of the market, the report said.
    •  
    • Cook said last month
      after Apple’s earnings statement that he’s optimistic India’s
      business environment will improve, and that he’s looking to step up investment
      there.

     

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